FORT WORTH, Texas — A bank that began life as a credit union has announced that it is cutting its staff to the levels it had before it made the conversion. OmniAmerican Bank ceased life as OmniAmerican Credit Union in January of 2006.
According to a story in the Fort Worth Business Press, OmniAmerican will layoff 8% of its workforce, citing the need to reach profit projections and position the former CU for future growth. The move will translate into job losses for roughly 35 of the bank's 410 employees, the paper reported.
Tim Carter, the CEO the bank hired to replace the prior CEO who had shepherded the bank through the conversion, is quoted as saying the move, while painful, will leave the bank better positioned for its future.
The bank denied the move had anything to with pressures from anything in its mortgage portfolio.
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